laurycolas, Home Buyer in Cambria Heights, NY

My father owns a taxi cab which is now a corporation.can i purchase a house under the corporation.?

Asked by laurycolas, Cambria Heights, NY Fri Feb 1, 2013

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If the corporation can produce tax returns that prove income and sufficient assets to support its ability to pay a mortgage, then maybe. My guess is that many small business try to hide all of their income to avoid paying taxes. So supporting financial docs many not reflect what a lender would require. Just a hunch on part.

I agree with what was advised below, talk to your accountant first. And please make this decision and get preapproved before you start looking at homes with your agent. It's important.
1 vote Thank Flag Link Sat Feb 2, 2013
Thank you!
Flag Sat Feb 2, 2013
you absolutely can. You should absolutely check with your accountant as to advantages and disadvantages of doing this
0 votes Thank Flag Link Sun Feb 3, 2013
May-be. Let's put it another way - of course you "can," but whether it's a good idea depends on 'way too many factors to address here. Attorney, CPA. Pronto.
0 votes Thank Flag Link Fri Feb 1, 2013
It is perfectly legal for a corporation to purchase a house. The mortgage rate will be higher and because of tax implications, please consult with a CPA.
0 votes Thank Flag Link Fri Feb 1, 2013
Consider consulting with your attorney beforehand.
0 votes Thank Flag Link Fri Feb 1, 2013
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